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Greenbriar Capital Corp. Executes Binding Agreement for Land Site on 100 MW Solar Project in Puerto Rico
TSX.V Symbol: "GRB" Issued and Outstanding: 11,312,000 NEWPORT BEACH, CA , Oct. 1, 2...
About this update from Greenbriar Sustainable Living Inc
[{"type":"text","content":"\n\n\nTSX.V Symbol: \"GRB\"\nIssued and Outstanding: 11,312,000\n\n\nNEWPORT BEACH, CA, Oct. 1, 2013 /CNW/ - Greenbriar Capital Corp. (TSXV: \n GRB) (OTC: GEBFF) is pleased to announce the signing of a Definitive\n Agreement by its US limited liability company Greenbriar Capital (US)\n LLC, to lease a 775 acre site for the construction and operation of a\n 100 MW solar photovoltaic electric generating facility located in\n Puerto Rico.  The lease agreement provides for a term of 25 years and\n may be extended for up to four (4) additional consecutive periods of\n five (5) years each, at Greenbriar's option.\n\n\nThe selection of the site follows an extensive site selection process\n and represents the highest quality site available in Puerto Rico.  The\n site is located in a region associated with low rainfall and cloud\n cover, exceptional levels of solar irradiance, excellent topography and\n drainage, low environmental impact and in proximity to 115 kV\n transmission lines and substation.\n\n\nIn addition, Greenbriar has entered into a service agreement with a\n leading environmental consulting firm based in Puerto Rico for\n completing environmental site studies, completing the environmental\n assessment and for filing a site location authorization with the\n jurisdictional permitting authorities for review and approval of the\n construction and operation of the 100 MW project.\n\n\nThe Project is being developed by AG Solar One, a subsidiary of\n Greenbriar, and by AG Solar One's Puerto Rican subsidiary, PBJL Energy\n Corporation (\"PBJL\") under a 100 MW Master Power Purchase and Operating\n Agreement (\"Master PPOA\") with the Puerto Rico Electric Power Authority\n (\"PREPA\").\n\n\nUnder the Master PPOA, Greenbriar will receive $150 per MWh for\n electricity production if the facility is in operation by the end of\n 2014 and $140 per MWh if commercial operation occurs after 2014.  The\n sale terms additionally provide for the sale price to escalate at 2%\n annually.  The term of the PPOA will be for 25 years and may be\n extended by mutual agreement for up to two (2) consecutive additional\n five (5) year terms.  In addition, under terms of the Master PPOA,\n Greenbriar will own all Renewable Energy Credits or REC's produced by\n the facility and which can be sold separately to PREPA or into...